Spy Kids Fame and 90’s Sensation Danny Trejo Reportedly Owes Over a Whopping $4M in Taxes, is Contesting $1.4M Tax Claims Despite Filing for Chapter 11 Bankruptcy
With roles in films like Desperado, Heat, and From Dusk Till Dawn, American actor Danny Trejo has had a remarkably successful Hollywood career. As a result of his frequent hyper-masculine, villainous, and anti-hero roles, the Mexican American legend put in a lot of effort and grew to be one of the successful celebrities in the Hollywood.
But earlier recent reports claim that an The Devil’s Rejects actor and entrepreneur has now chosen to file for ‘Chapter 11 Bankruptcy’ to avoid paying the IRS. It stands for Internal Revenue Service, which is in charge of managing the Internal Revenue Code and enforces U.S. federal tax laws.
However, despite not having any financial difficulties, renowned actor Danny Trejo has reportedly declared bankruptcy.
According to recent reports, the actor who owns a popular ‘Tacos franchise’ has now declared bankrupted to avoid paying IRS. But his reason for bankruptcy is reportedly quite personal.
As per estimates, the Machete actor owes the IRS $2 million in back taxes. He is currently reorganizing his finances. Trejo also contends that the entire tax bill is an error caused by incorrectly claiming non-applicable expenses.
Danny Trejo Filed For ‘Chapter 11 Bankruptcy’ With $2 Million Owed In Back Taxes
Danny Trejo, who was born and raised in California, began using hard drugs as a teenager. As per reports, he later spent many years in and out of prison in the 1960s on a variety of charges, including armed robbery. From Dusk Till Dawn actor entered the film industry after receiving an unexpected opportunity that quickly made him a household name. In an episode of Finding Your Roots, the actor talked about his early involvement in drug dealing and history of imprisonment.
According to Radar Online’s recent reports, the obtained court records indicates that Trejo filed for Chapter 11 bankruptcy yesterday. In the same range as his liabilities, he listed his assets as being between $1 million and $10 million.
According to the filing, Trejo owes a sizable sum in back taxes. He owes $7,500 to Bank of America for a business loan, $394k in back state taxes, and millions in back federal taxes, among other debts, according to several claims made against him by the Franchise Tax Board.
The Desperado actor reportedly owes $921k in federal taxes for 2016, $483k for 2017, an additional $140k for 2018, $103k for 2014, $70k for 2015, and an additional $36k for 2019. Trejo owes more than $2 million in state and federal debt in addition to $1.6 million to Uncle Sam. He expressed his disagreement with the $921k and $482k claims in the documents.
The actor has not yet submitted a complete list of his assets or an income/expense report.
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Danny Trejo Filed For Bankruptcy Only To Escape Personal Debt!
The actor/entrepreneur told TMZ earlier this month that he intended to file for Chapter 11 and confessed to having tax problems.
Dan ‘Danny’ Trejo claimed that he made a deduction error over the years, which caused him to fall behind on payments. In the end, he claimed, the problems affected him. He just has a bothersome IRS bill that would be best resolved in this manner. According to him, he reported on February 14 to filing for ‘Chapter 11 bankruptcy’ to pay off his debt to his Uncle, which he claims is approximately $2 million in taxes.
Just a reminder that, despite the Heat actor filing for bankruptcy on his own, all of his other businesses, including his record label, coffee shops, and, of course, his ‘Trejo’s Tacos,’ are doing well and will not be impacted by this. Also, Trejo doesn’t appear to be concerned about the bankruptcy. He uploaded a video of himself eating donuts yesterday, beaming, and enjoying it.
Source- Radar Online
